London stocks are expected to rise on Wednesday following losses in the previous session. Investors are eyeing the second and final day of Federal Reserve Chair Jerome Powell's testimony to Congress. The FTSE 100 was almost flat on Tuesday morning in London, expected to add five points at 8145. The DAX fell 0.4% and the CAC was down 0.7%. The pan-European STOXX 600 fell 0.5% [f3e30a99].
Housebuilding is on the slate in London, following the first speech by newly appointed chancellor Rachel Reeves. Reeves has vowed the Labour Party will 'get Britain building again' with targets for new homes. Vistry results on Tuesday morning kept with the housebuilding theme. Vistry said it expects to build more than 18,000 homes this year, up nearly 12% from last year [f3e30a99].
Thames Water said it has enough cash to last it until May 2025. The IMF released a report stating that the UK is headed for a 'soft landing' with projected growth at 0.7% in 2024 and 1.5% in 2025 [f3e30a99].
Travis Perkins, the building materials supplier, has announced the appointment of Pete Redfern as CEO, taking over from Nick Roberts on September 16 [f3e30a99].
Barratt Developments, one of the UK's largest housebuilders, is on track to complete over 14,000 homes this year [f3e30a99].
JD Wetherspoon, the pub chain, reported a 5.8% increase in like-for-like sales. Wetherspoons expects profits to hit market expectations as it closes out its financial year with strong sales momentum [14bc6cb7].
Additionally, a new CEO and non-executive director have been appointed at Galliford Try [14bc6cb7].
Federal Reserve Chair Jerome Powell's comments failed to impact US markets. The S&P 500 closed 0.1% higher, the Nasdaq was up 0.3%, and the Dow fell slightly. Indexes were buoyant in Asian trading hours, with Japan's Nikkei rising about 2% in the session. The Hang Seng rose a more muted 0.1% and the SSE Composite was 1.2% higher [f3e30a99].
Wall Street stocks climbed early Wednesday, adding to records on major indices ahead of a second day of congressional testimony from US Federal Reserve Chair Jerome Powell [05132b2b].
In other news, SATS, the leading provider of gateway services and food solutions in the aviation industry, reported a tenfold increase in half-time profit. The company's net profit for the first half of the year rose to $92.1 million, up from $9.2 million in the same period last year. SATS attributed the strong performance to the recovery in air travel and increased demand for its services. The company also announced plans to expand its digital capabilities and invest in sustainable solutions to support its long-term growth [52a4199b].